The world’s fastest growing emerging economies will more than triple the total amount of renewable energy installed in their countries within the decade, according to a report by GlobalData.
Led by China and India, the nations will grow their combined capacity of wind, solar and other renewable energies from about 127 GW now to 403 GW by 2020, the study found. That’s an increase of about 14 percent annually.
Other countries included in the study were Mexico, South Africa, Russia, Brazil and Indonesia. Still, China leads the pack, with its wind power forecasted to grow from 62 GW to 195 GW by 2020. India’s total green energy capacity will nearly quadruple to 78 GW, the report projects.
Emerging economies also are propelling growth for traditional energy resources. In its annual outlook report, ExxonMobil forecasts that energy demand in developing countries will grow 65 percent between 2010 and 2040 and that demand will largely be fed by fossil fuels.